Bitcoin versus other offline currencies

akmal1984

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Quote from: prettypearl on November 14, 2017, 07:12:54 PM

As a NEWBIE, how would you explain bitcoin as against other offline currencies?
Which one has more market value and why do you think so ?

Obviously bitcoin has more market value than others. Bitcoin is the originator so it has a longer track record than other cryptocurrency. But when compared with other currencies it is rather difficult because the other problems are not limited to supply. So it's not ethical to compare it. Bitcoin can only be compared with other cryptocurrency.

bitzizzix

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Both are very important to have and but fiat currencies in real life are more multi-functional, and fiat currencies are currencies without intrinsic value determined as legal money and payment instruments according to government regulations.
and bitcoin or cryptocurrency can only be used as an alternative payment or any transaction such as fiat currency, but it all depends on the country where they live, and bitcoin is more suitable for investment and in the future it is possible that all countries can legalize bitcoin and become multi-functional like fiat currency and the two will continue to run together.

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at present the use of fiat dominates the circulation of money, and the use of cryptocurrencies circulation is still far behind. but I believe in the course of time in the future I am very sure that the use of cryptocurrency will dominates. because there will be times when the use of money will evolve into cryptocurrency

The difference is really too far, because we know that bitcoin is not yet likable to the users preferences. but on that point fiat will still exist even though everybody prefers to use crypto. why? there are still people want it as a historical way of purchasing in local areas and if there are still people choosing fiat method on purchasing offline we cannot undo the fact that fiat will remain and we still use if daily everywhere we go. maybe even for a long time it has its value.

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you can stock some fiat or gold under your pillow or you can put billions worth bitcoin in a trezor wallet and put that under your pillow. Think it this way and you decide Cheesy

owengtam09

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Quote from: prettypearl on November 14, 2017, 07:12:54 PM

As a NEWBIE, how would you explain bitcoin as against other offline currencies?
Which one has more market value and why do you think so ?

Offline currencies? You mean real money or fiat? Or maybe gold, anyways, of course, we have a lot of expectations through bitcoin, like a great value, fast transaction online, and multiple option we can choose from can be the best thing bitcoin will have. We can use bitcoin easily online and bitcoin can have a huge value than our currencies we can have right now.

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at present the use of fiat dominates the circulation of money, and the use of cryptocurrencies circulation is still far behind. but I believe in the course of time in the future I am very sure that the use of cryptocurrency will dominates. because there will be times when the use of money will evolve into cryptocurrency

Everything around the globe is getting digitized, and upon the same in the future the fiat systems into usage might evolve into the form of cryptocurrencies. This is not gonna have dominance over the fiat system, however we go advanced there will be remote locations that aren't connected. This way the usage of physical currencies will continue even if cryptocurrency gets legal support around the world.

HarmonyA

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Quote from: prettypearl on November 14, 2017, 07:12:54 PM

As a NEWBIE, how would you explain bitcoin as against other offline currencies?
Which one has more market value and why do you think so ?

Bitcoin is similar and as well as different from offline currencies in many ways. Firstly, You can utilize Bitcoin to purchase things electronically. So in this specific way, the Bitcoin resembles traditional cash like euro, dollar, and so on which can likewise be utilized to buy things electronically.
The most significant normal for Bitcoin and what explicitly separates it from ordinary cash is that it is decentralized.
Bitcoin additionally doesn't charge for worldwide exchanges. You can send your cash anyplace and see it land in minutes when the bitcoin system wraps up the payment. On the off chance that you have sent the bitcoins, however, you won't be ever ready to get them back except if the beneficiary gives them back to you.
Also, bitcoin has more market value because of it intrinsic value

Meowth05

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Quote from: BillCoin on November 15, 2017, 02:47:57 AM

Quote from: prettypearl on November 14, 2017, 07:12:54 PM

As a NEWBIE, how would you explain bitcoin as against other offline currencies?
Which one has more market value and why do you think so ?

Hi and welcome to bitcointalk forum!

By other "offline currencies", I guess that you mean to gold and cash, let me explain why bitcoin is better then them.

Cash- Huge inflation, which means that if you hold cash as a store of value, at the long run you will lose value!, can be only transferred by a face to face meeting(someone need to physically deliver the cash to you).

Gold-Hard to store( takes a lot of space and may require to have a security behind), and also hard to transfer

Bitcoin- Fixed inflation, which means that you won't lose value at the long run, and also very easy to transfer,you don't need to actually meet someone in order to transfer bitcoins and you can do it from home.
Also it's value goes up at the long run.

Actually we cannot compare these two for the reason of they have their own strenght and weaknesses. For example, in offline currency you can able to use this one whenever place you are I mean there are few countries who does not accept Bitcoin in their place because of having a bad image. Unlike offline currency is available across the world. For bitcoin, it is better for online transaction like trading and investment due to its unique characteristics. Besides it is decentralize so government couldn't manipulate the Bitcoin.

Muzika

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Quote from: prettypearl on November 14, 2017, 07:12:54 PM

As a NEWBIE, how would you explain bitcoin as against other offline currencies?
Which one has more market value and why do you think so ?

Simple, Bitcoin has a proven usage case as a store of value. It’s instructive that most coins try to carve out some differentiation based on much smaller use cases, such as prediction markets, buying things completely anonymously or adding a decentralized name server. It has a large lead as a store of value over every altcoin in having existed 8 years without failure. The security of Bitcoin has been proven far more than its much younger counterparts with usage by almost every metric exceeding that of altcoins. Also, it is more accessible, with more exchanges, more merchants, more software and more hardware that support it. Plus, it is far more liquid, with much larger volumes than every altcoin.

When you compete with Bitcoin, not only are you competing with its much larger user base, development team and mining operation, but you’re also competing against the very large ecosystem of startups, open source projects and entrepreneurs.

esofelap

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Quote from: imstillthebest on September 25, 2019, 06:53:40 AM

the thread is a bit old and your a newbie when you ask this but now you are still a newbie ? i hope you already learned a lot if what is bitcoin and if what its difference versus other offline currencies but id still like to give my own answer here . obviously , bitcoin has a more market value as when compare to offline currencies but that is if we compare them today , but before when the first day bitcoin came out , its value is only cents or less than that so we can say that fiat has a more value . bitcoin is offline which makes him a unique currency , it has advantage and disadvantage so its up to you if you will accept it or continue using offline currencies .

Offline, but it’s not clear Bitcoin is centralized or decentralized, bitcoin was created by a tannic person and a completely different team is engaged in it.

imstillthebest

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the thread is a bit old and your a newbie when you ask this but now you are still a newbie ? i hope you already learned a lot if what is bitcoin and if what its difference versus other offline currencies but id still like to give my own answer here . obviously , bitcoin has a more market value as when compare to offline currencies but that is if we compare them today , but before when the first day bitcoin came out , its value is only cents or less than that so we can say that fiat has a more value . bitcoin is offline which makes him a unique currency , it has advantage and disadvantage so its up to you if you will accept it or continue using offline currencies .

esofelap

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Quote from: prettypearl on November 14, 2017, 07:12:54 PM

As a NEWBIE, how would you explain bitcoin as against other offline currencies?
Which one has more market value and why do you think so ?

Bitcoin is the first cryptocurrency, it’s capitalization makes a half of all cryptocurrency wold, and that price is going higher and higher every year.

hahay

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Both have good market value and both are very important to have for many purposes. So, I feel that cryptocurrency and fiat money both have their own advantages whether it's for savings, transactions, etc. because the main purpose of it all is a benefit and of course makes the economy continue to move until it becomes better and continues to grow.

Mpamaegbu

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Quote from: Maricel2017 on October 13, 2018, 05:23:58 AM

If you are looking for income you can able to get much higher profit in digital currency than offline currency which is fiat but digital currency is much risky to invest than offline currency there are always good and bad side of both currency. And still we need these both in our entire living in this world.

Yes, there is much rampant cases of fraud with digital currency because of the predominant absence of face to face transactions. Businesses and exchanges of digital currencies are mostly executed with either of the party (parties) having a personal contact. There is something about seeing and looking into someone's face and countenance while doing business with them. It tells a lot about someone's intention to some extent. Digital currency business lacks this.

Omair Amin

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For comparing bitcoin to other offline currencies in my opinion bitcoin is much better than other offline currencies & bitcoin is costly enhanced and getting more adorable things with it that took a long runner up as you mention offline currencies like cash and gold which accumulate a lot of things that creates main difference and you physically met someone to get it & much more difficult to get profits out of it.

Bugatti73

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You are right but some people, like me, want to use only cryptocurrency in future.

bitbunnny

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I don't know why are people so much obsessed with comparisons of Bitcoin and fiat money. We need both, both have advantages and disadvantages and both could be used on our benefit. Cryptocurrencies are not trying to fight Bitcoin although many think so. Fiat money will continue to run economies all around the world and cryptocurrencies are trying to find their place in that system.

Bugatti73

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Depending on what is "offline" currency. If you mean fiat, then bitcoin is much riskier but also more promising than the rest.

virasisog

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Quote from: prettypearl on November 14, 2017, 07:12:54 PM

As a NEWBIE, how would you explain bitcoin as against other offline currencies?
Which one has more market value and why do you think so ?

Fiat money deflate in value every time there is a hike in price of the basic necessities of people and it goes like that more and more in the future.
so people looses their faith in real money and because of that people are learning about money through Bitcoin cause Bitcoin was made as the opposite of cash.

hahay

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why compare bitcoin against offline currencies because obviously cash or offline currencies are the most used by people around the world rather than bitcoin but indeed the trend has been change that digital currencies being so popular now and invest at them is good for long term but do not forgot that volatile always be the main problem for bitcoin and cash already defeat bitcoin from this case because cash is pretty much stable than bitcoin

Even if the flat money is being use all over the world but it can never get the importance as much as crypto has I know there is no other investment or any other currency has made which can replace the value of crypto such as bitcoin as for me bitcoin is the number one crypto after bitcoin I like only ETH

Anyway, bitcoin is a digital currency and offline currency is fiat and both of them are very much different and basically bitcoin is still in the growth stage, but even though cryptocurrency is still less prestige than fiat money at least cryptocurrency has many other benefits that fiat money doesn't have. So, digital money will be very good in the future with many other uses and benefits, of course cryptocurrency will be a choice for investors and about financial freedom.

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